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Off-Market in Hermosa

The phenomenon of high-end homes selling off-market is not confined to the tonier enclaves of Manhattan Beach.  Some pretty nice homes have also been showing up on the MLS as ‘Pending’ and ‘Sold’ in Hermosa Beach.

1629 Golden Avenue, Hermosa Beach

This 5BR, 3300 sqft detached contemporary ocean-view townhome from Lemieux Development was pre-sold during construction so when it finally appeared on the MLS in November it was already in escrow and closed six days later for $1,785,000.

1629 Golden was the more desirable, western most unit of the two built on this site near the pinnacle of the Hermosa Hills, a block from View elementary.  Contrast this with 1627 Golden Avenue (the main unit  pictured front and center in the MLS photo shown here) which has a portion of its view obscured by its sister property (not to mention that it is about 400 sqft smaller).  Unlike 1629 Golden, this unit did not pre-sell and actually spent two months on the MLS before finally selling and closing in February for $1.7 million.

So, clearly, the buyer who snapped up the preferred 1629 Golden off-market paid a premium but also got the better of the two units.

1034 6th Street, Hermosa Hills

Yet another Hermosa Hills townhome with big ocean views, this 4BR detached tri-level unit at the corner of Prospect and 6th also got snapped up before it hit the MLS.

In this case, the 3200 sqft home designed by David Watson was actually built in 2011 (the sister unit at 1030 6th Street is still under construction, having begun much later than 1034 6th Street).

1034 6th hit the MLS on April 1 with an accepted offer already in hand.  It is currently Pending with a list price is $1,899,000.

232 26th Street, Hermosa Beach

This very contemporary single family ocean-view home is currently being completed.  Designed by Jon Starr and constructed by Chris Lombardi, the home features 4BR, 3550 sqft and whitewater ocean views.

The list price for this pending Sand section sale is $3,450,000.

Another instance of new construction that sells prior to completion.  Buyers are taking this step to avoid even higher prices later on when the home is completed and ready to hit the MLS (and possibly triggering a bidding war).  The transaction itself is more difficult since the finishes (and/or allowances therefor) must be agreed to ahead of time.

1130 9th Street, Hermosa Beach

1130 9th Street, Hermosa Beach

1130 9th Street, Hermosa Beach

This custom-built Doug Leach-designed Cape Cod home in the Hermosa Hills just east of Prospect was slated to debut on the MLS earlier this year but got snapped up beforehand and closed in February for $1,950,000.

There are 5 bedrooms and 4 baths, 3895 sqft (on a 5000 sqft lot) and lots of high-end finishes (the kitchen features Wolf and Bosch appliances, for example, as well as a center island with breakfast bar).

In the Hermosa Hills, only two homes have ever sold for more and both had big ocean views.  Sign of the times.

 

 

 

Off-Market Sales Not Confined To Just Lot Sales

Real Estate Edge by Mike Michalski & Sachi Fujita

The “underground economy” for real estate sales in the beach cities is not just confined to builder-purchased lots.
Finished homes are also selling off-market (ie. before they hit the MLS). Here are some recent examples.

New Listing – 364 Richmond Street, El Segundo

Real Estate Edge by Mike Michalski & Sachi Fujita

The team of Michalski & Fujita has listed a townhome at 364 Richmond Street in downtown El Segundo just a block from restaurants, wine bars and farmers market. This 2000-built Mediterranean-style home features 3 bedrooms, 2½ baths and 1765 sq.ft. Read more details here.

Small Homes – Expensive Prices

Real Estate Edge by Mike Michalski & Sachi Fujita

Three recent sales of small, 3-bedroom, 2-bath homes in the Manhattan Beach Tree section highlight the rapidly rising prices for even entry-level homes and fixers in the beach cities. Read more here.

Lots of Lots Are Trading Off-Market

Real Estate Edge by Mike Michalski & Sachi Fujita

The steady stream of off-market sales of lots to builders (and certain lucky owner-users with money) continues unabated here in the beach cities, with Manhattan Beach serving as ground zero for this sort of activity. Here are three recent sales.

Revised Format for The Daily News

Due to the press of our regular real estate business and the intensifying activity in the local real estate market, we are streamlining our Daily News format to report selected new listings and sales which appear (at least to us) to be noteworthy, rather than provide a comprehensive daily list of every new listing and […]

Pining For Pine Avenue

Real Estate Edge by Mike Michalski & Sachi Fujita

The Michalski & Fujita team has been busy lately, with most of our activity seemingly centered around one street in the Manhattan Beach Tree section – Pine Avenue. See a description of our most recent listing at 1800 Pine Avenue, a beautiful rendition of Spanish Colonial Revival, now in escrow.

How To Double Your Money In Real Estate? Wait

Real Estate Edge by Mike Michalski & Sachi Fujita

Every week some new listing has us amazed at how the real estate market has turned around so dramatically in the past year. This week’s shocker is an ultra-modern Michael Lee-designed townhome in a 5-unit complex with 4 bedrooms, almost 2700 square feet of living space and unblockable ocean views. It’s also in the northernmost portion of Manhattan Beach and east of Highland. No matter, the seller reaped a substantial return on the resale. Read more here.

Housing Inventory Plumbs New Depths At The Beach

Real Estate Edge by Mike Michalski & Sachi Fujita

Homebuyers here at the beach are facing an unprecedented lack of choices in terms of the available inventory of homes for sale. Inventory keeps bumping along at low levels not seen this century, which, based on the rule of supply-and-demand, is fueling higher and higher prices. Read more here.

Strand Lot Values Explode

Real Estate Edge by Mike Michalski & Sachi Fujita

The siren call of the ocean seems to have gripped local developers and owner-users looking to build right on the beach, causing prices for prime Strand properties in Manhattan and Hermosa to sky-rocket of late. Witness the recent sales of 2316 The Strand, 104 The Strand and 1420/1422 The Strand in Manhattan Beach (the last two of the three mentioned are still in escrow as we write) and the off-market sale at 1942 The Strand in Hermosa.

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